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A new school building was recently built in the area. The entire cost of the project...

A new school building was recently built in the area. The entire cost of the project was $16,000,000$⁢16,000,000. The city has put the project on a 2020-year loan with an APR of 2.9%2.9%. There are 23,00023,000 families that will be responsible for making monthly payments towards the loan. Determine the total amount that each family should be required to pay each year to cover the cost of the new school building. Round your answer to the nearest cent, if necessary.

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